Overview of all TRON (TRX) cryptocurrency wallets – online, cold and hardware

In this article, we will describe in detail all the ways of storing TRON cryptocurrency . In general, the user can choose one of two options:

With proper use, wallets provide a higher level of security, and we will talk about them in the main part of this article.

Cold wallets

A cold wallet differs from others in that it is installed on your personal computer. Therefore, all data is stored offline, so for fraudsters hacking and obtaining a key from a wallet is an impossible task.

Features of the cold wallet for the Tron cryptocurrency are:

• Mandatory blockchain download;
• Access is available only on one device (personal computer);
• The security level is quite high so that the user is protected from hacker attacks;
• Setting up a wallet can take a lot of time;
• Installing a wallet is free, but it requires a lot of free disk space.

We recommend using the official multicurrency wallet from Exodus , the wallet has been operating since 2016. Negative news and hacks were not observed.

Online wallets

If the user correctly uses the online wallet, this provides a high level of security for storing tokens. However, the Tron cryptocurrency is used relatively recently, so sometimes it is used as a speculative asset.

Therefore, some users are sure that it is more profitable to store it on the exchange. In this case, it is worth periodically checking the information about whether the exchange of your choice supports the migration of TRX tokens.

The most reliable and well-known exchanges for storage:

To create an online wallet for Tron, you must complete the registration procedure on the MyEtherWallet website:

1. On the resource page, select the "Registration" button, after which a tab with the corresponding heading will open.
2. Next, you need to create a password. It should be as reliable as possible, as it is about your future investments. It is important to use numbers, symbols and letters, both lowercase and uppercase.
3. After that, you will be prompted to download the Keystore / JSON file. As soon as the download process is completed, click the “I understand. Continue".
4. Save your private key or print it.

In order to enter your wallet, the site will offer several options:

• Log in using the key and password file, which was indicated in the first step of registration.
• Using a unique set of English words and characters, the length of which is at least 12 random words.
• To enter the wallet, you must enter your private key.

As practice shows, the first option is the most reliable. As soon as the password is entered and the system confirms that it is correct, information about the wallet will appear. In order to get TRX, you need to copy the address in the "your address" column. To send tokens to another user, click “Send Ether & Tokens”.

Hardware Wallets

You cannot create a hardware wallet for Tron, you can only buy it and use it to connect to an existing wallet. The hardware version is the most expensive, but one of the most reliable.

Most suitable is the Ledger Nano S wallet. You can purchase it on the official website of the project and pay using a bank card. The average cost including delivery is 98 euros. Trezor wallets are also popular.

Once this wallet is delivered to you, open the instructions that will be attached to the device. It describes in detail the process of setting up your wallet. An important condition is to look at the Ethereum address that you will need to get TRON.

All operations will be carried out using the MyEtherWallet online wallet, which in this case is used as a graphical interface. To send or receive tokens, you just need to connect the device to the computer, go to the site and click the "Send Ether & Tokens" button.

How to create an official TRON cold wallet (TRX)?

To create a Tron wallet (TRX), you must follow these steps:

• Go to https://tronscan.org/#/wallet/new . In the upper corner, select the “ Open Wallet” button , and in the window that appears, click on “Create Wallet”.
• After you come up with your personal key, enter it in the form that appears and click “Next”.
• A Keystore File will be created for you . Save it to your computer or print.

Now that your personal wallet has been created, the site will offer you to familiarize yourself with its contents. As soon as you log in, the address of your wallet will be displayed in the corresponding field.

Topping up and withdrawing TRX tokens

You can purchase TRX cryptocurrency on the popular Binance exchange . After completing the registration procedure, you will need to perform the following steps:

• Select the “asset” line in the menu and go to the “deposits” tab;
• In the list, select the currency for which you intend to buy the Tron;
• Transfer funds to the account of the exchange, but if the money is already in the account, you will need to go to the column "shopping center" – "main";
• As soon as you open a trading window, where you can see the price;
• After that, just click the buy TRX button.

To withdraw funds on the same exchange, you will need to do the following:

• In the “asset” tab, find the line “withdraw cash”;
• In the field that appears, enter the name of the currency – “TRX”;
• In the window that appears, enter the address of your wallet in the upper line, and the number of tokens in the lower line.

Wallet Recovery

Since the Tron is a decentralized currency, there are currently no ways to renew access when a password is lost. The system does not have access to user wallets, therefore, in case of a key loss, you can use only two tron wallet recovery methods:

• Try to recover the password by sorting through the combinations that the user used earlier to protect the wallet from hackers.
• If you copied a wallet using a recovery phrase of 12 or more characters, then using it you can create a new wallet while maintaining balance. However, the funds stored at the imported addresses will be irretrievably lost.
• Most multi-currency wallets have a backup option, be sure to copy the wallet image and move it to a secure USB drive.

Conclusion

These wallets are reliable enough if used correctly. However, the most secure for storing both TRX and other cryptocurrencies are hardware wallets.

Nevertheless, since TRON is only gaining popularity, for beginners it is enough to store cryptocurrency on online wallets, the main thing is to carefully store keys and passwords. If you are an experienced user, then it is advisable to use Ledger or Trezor wallets, especially if your plans include storing a large number of coins.

Publication date 10/30/2019
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